Naira scarcity: Instant payments hit N38 trillion in January

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Due to the Naira shortage brought on by the Central Bank of Nigeria’s redesigned naira and cash withdrawal policy, instant electronic payment reached N38.77 trillion in January 2023, up 45.52 percent from N26.65 trillion in January 2022.

New information from the Nigeria Inter-Bank Settlement System supports this. The CBN urged Nigerians to adopt electronic forms of transactions in 2022 and announced a policy for the redesign of the naira as well as withdrawal restrictions.

The maximum weekly limit for cash withdrawals by individuals and corporate organizations through all channels shall be N500,000 and N5,000,000, respectively, according to the CBN.

Customers should be encouraged to conduct their banking transactions using alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.), it continued.

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The policy will now go into effect on February 10 instead of the original deadline of January 31. The Federal Government is currently prohibited from enforcing its deadline as a result of a Supreme Court decision.

Nigerians have experienced long ATM lines, buying of the naira, unsuccessful transactions, and issues with banks’ mobile applications since the policy’s announcement.

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